How can I fund a business with a loan that has low interest rate?

[sunnystar]

I look around and yet I can't find which loan to take that has low interest rate. Banks' loan as well as co-operative society has high interest rate on amount borrowed so this makes me to be anxious and curious.

How can I go about it?

 

[Rubz]

The truth is that if one is planning to take a loan to start up a business, one should always have it at the back of one's mind that the interest rate attached to the loan would be high. Banks and other loan facilities always have high interest rates. It is only loans taken from friends and family members that have little or no interest rate and most time, the psyment is usually flexible, that means you can pay back the money anytime you have it. Honestly, i would advice you to save up your own capital for your business. It'such more better than taking loans because it's your own money, there are no interest rates attached and you would be at peace because you would be free from debts.

 

[sunnystar]

I also wish I saved money to start a business but there's no opportunity for me to get such capital for the first year so this is why I'm looking into loan maybe I could find one with low interest rate.
Currently I need loan to fund my business from start unless I would see free gifts from people but I need to start this business as soon as possible so that I can have profit budgeted in the next first year. However I would also seek from friends and family like you said. Thanks!

 

[Nite]

To start a business, you have a great idea, you have the will, but you need the capital or funds required for fulfilling your dream. Whether a business is small or large, funding gives your business a strong base and helps to grow it further. Sometimes it can be a challenging task to find funds for starting a business. Self finance is the best way of funding used by several business start ups. Even when you take loan or ask a government entity to give you funds for your business, they'll ask you question, how much capital you want to invest in your new business? That's why self investing is the best option for first time business people. When they have reached the later stages of their business, they can easily opt for business loans and the lenders won't have a reason to deny it, as that'll be a low risk factor for them.

 

[Yusra3]

The best way to secure low interest rate business financing is through an SBA-guaranteed loan from a bank or online lender. SBA loans come with favorable long terms of 10-25 years, low fixed rates typically between 6-8%, and loan amounts up to $5 million. The SBA guarantees a portion of the loan, reducing the lender's risk so they can offer better terms. To qualify, have a strong business plan, good personal credit score, and sufficient collateral. Research lenders focused on funding startups and small businesses to find the most competitive SBA loan rates and terms to fit your business needs...